According to CoinDesk, the Solana (SOL) blockchain's meme coin dogwifhat (WIF) is set to appear on the Sphere, Las Vegas' orb-shaped entertainment venue, after community members raised over $690,000 in USDC stablecoin donations. The fundraising campaign, which aimed for $650,000, was completed in less than four days. Ansem, a leading figure of the campaign and one of the five controllers of the multisig wallet that received the donations, confirmed the successful funding.
Dogwifhat has become one of the most popular memes in the current crypto market cycle since its launch late last year. The token has benefited from the attention of the fundraising campaign, with WIF gaining 35% over the past 24 hours, according to CoinMarketCap data. WIF has also surpassed floki (FLOKI) as the fourth largest meme token by market capitalization, reaching a $2.6 billion market value months after its launch, as per Messari data. WIF is currently the 52nd most valuable token among all cryptocurrencies, while the largest meme coin, dogecoin (DOGE), ranks 10th with a $24 billion market cap.
Meme coins comprise a small but growing part of the overall digital asset market and are considered one of the most risky assets among the already volatile cryptocurrencies. Recently, meme coin prices have skyrocketed as the crypto market heated up with bitcoin (BTC) reaching new all-time highs. Historically, meme coin rallies have often signaled increased frothiness in the market, foreshadowing a correction.
